Tiezi's sentence came out, 20 years, a very heavy sentence, usually a life sentence does not necessarily require a full 20 years. Tiezi was born in 1977, if he could live to see his full sentence, he would be nearly 70 years old by then, and his life would be over.
Tiezi was charged with a lot of crimes, but if you combine them together they are bribery and accepting bribes.
According to the public verdict, Tiezi paid 3 million yuan in bribes to become the national team coach, of which 1 million yuan was paid by himself and 2 million yuan was paid by the Wuhan club. After becoming the national team coach, Tiezi used his power to collect 50.89 million yuan in 2 years, a return on investment of nearly 17 times. I didn't expect that there would be so much room for rent-seeking as a head coach. No wonder people would try their best to get it.

Today, A-shares traded 1.86 trillion, with a median increase of 0.66%. What is gratifying today is that both large-cap and small-cap stocks showed balanced growth without any uneven performance.

One very important factor is that today there was a substantial influx of funds into consumer-related sectors, with retail rising by 5.6%, dairy by 5.2%, liquor by 3.4%, food processing by 4.4%, and aquaculture by 2.6%. These sectors have underperformed the market due to domestic deflation and low consumption in recent years, making today's collective rebound quite rare.
From a logical analysis, there are two reasons: one is that as we approach the end of the year, local governments across the country are restarting a round of consumer vouchers to activate consumption using leverage effects. The other is that the market is beginning to accept and believe that the government will indeed implement loose policies next year to stimulate domestic demand, making currently undervalued sectors have the potential for early positioning.

Today is another tombstone line, opening almost at the highest point of the day, and then closing near the lowest point of the day. Such a trend is the most damaging to market sentiment, and the bravest investors lose the most. Those who crash the market profit, while those who hold their positions are often the ones who suffer.
I took a look at the 30-minute K-line of the A50 futures. It was almost after the A-shares closed yesterday that the news came out, immediately rising by 5%, and then suddenly diving before the A-shares opened today, almost erasing all the gains.

Similar situations have happened many times in the past few years, where good news lifts the market after closing, and it drops again before opening. Some say this is foreign capital deliberately not wanting to lift A-shares, which may be true, as the intention is quite obvious. However, from another perspective, it can also be interpreted as foreign capital lacking confidence in A-shares, playing around with good news at midnight, and reverting back to normal before dawn.

What should we talk about tonight? Let's start with the updates on the South Korean martial law incident.
Today, the National Assembly voted on two bills consecutively. The first one is about investigating Kim Jae-hee, the president's wife. The final vote was 198 in favor and 102 against, failing to reach the 2/3 requirement (200 votes), so the bill did not pass.
The second proposal was aimed at the impeachment of Yoon Seok-youl. Before the vote, 107 of the 108 members from the ruling party (People Power Party) where Yoon Seok-youl belongs voluntarily left the venue, giving up their votes. As a result, even if all remaining attendees agreed, they couldn't meet the 2/3 requirement (200 votes), so the bill did not pass.

It's the weekend again, let's talk about something light.
Today I saw that Jensen Huang successfully avoided $8 billion in taxes using policies, and I was curious how he did it, so I searched for information. It turns out that years ago, he placed Nvidia stocks into some specially designed trusts that enjoyed tax benefits from the outset. If the stock price in the trust rises, then only a small amount of tax needs to be paid on the increased portion.
As we all know, Nvidia has been the stock that has risen the most on Earth in recent years. Huang’s move at that time was correct, allowing him to legally avoid taxes amounting to billions of dollars. The U.S. is a country with particularly strict taxation, but the wealthy there still use various clever methods to legally evade taxes.

Today marks a milestone event: the price of Bitcoin has officially crossed the 100,000 mark.
Actually, the price had already approached 97,000 more than half a month ago, but then it underwent a period of adjustment before the round number, and during these two weeks of adjustment, it became a window period for altcoins, with a lot of second-tier blue chips bouncing back with gains of 100-300%. Then today, the leading player officially entered the six-figure era.
Years ago, the crypto world shouted a deafening slogan: 'One coin, one villa'. At that time, it was regarded as an unattainable fantasy, but now it has become tangible. 730,000 is already enough to cover the construction costs of a villa. I think this round of market is nearly over; we'll see how much a coin can exchange for a villa in 4 or 8 years.

Today, almost all groups are hotly discussing Qiong Yao's passing. At 86, she chose to end her life by suicide at home, leaving a farewell letter and video for the public.
Unlike those who committed suicide before, Qiong Yao presented a positive mental state in her farewell letter and video. She repeatedly told everyone she was fine, just that her body was failing, so she chose to leave gracefully, autonomously, and freely.
What moved me was a specific section in her farewell letter, advising young people not to give up on life due to temporary setbacks; they should, like her, not waste their lives and not miss out on their own brilliance. I'll quote the relevant content:

Let me first respond to a question that readers have asked a lot in the past two days, which is why my attitude is always negative every time I mention Alibaba, and whether I am very pessimistic about this company.
Simply put, yes. In fact, if you look at its stock price, you will know that the market has no confidence in it.

Not to mention the 81% pullback in the Chinese stocks market crash in previous years, just looking at this round of market that started on 924, Alibaba’s performance was also disastrous. The latest stock price has fallen back to the level of September 19.
I won’t post the financial report figures one by one, I will just give a simple conclusion. Alibaba’s most profitable business is Taobao Tmall, but the revenue of this business has hardly increased, and the adjusted profit is still slowly declining. The reason is that China’s e-commerce market is no longer growing at a high speed. On the other hand, Pinduoduo and Douyin are both extremely powerful, and Alibaba can’t do anything about them.

I got sick today and felt a bit unwell. In fact, I fell ill yesterday, but I didn’t notice it while working. After work, I wanted to play some games, but I found my head was heavy. When I measured with a thermometer, it showed 38.8 degrees, which shocked me. I immediately turned off the computer and drank a cup of Melatonin before sleeping. I woke up sweating in the middle of the night, and when I got up in the morning, my fever had subsided. However, after dinner, the temperature rose again, and now I’m having a bit of trouble concentrating in front of the computer.
I used to think that people like me who don't work and don't go out are less likely to get sick, but recently, my sons have caught the virus while at school and then spread it at home, so I definitely can't escape it either. It's hard to tell if this is a variant of COVID-19, and the term 'positive' has already become a thing of the past.

First, let me add some details about the concert experience last night. My wife and I bought tickets for the 2280 tier, actively giving up on the inner venue and choosing the stands. A fun fact: concert tickets can only select price tiers, the specific position is 'random.'

Because the best positions, A1 and A2 areas, are definitely not randomly assigned, while the back B1 and B2 areas of the inner venue are worse than the stands, at least there are no obstructions to vision, very clear.

As for the concert itself, I have already mentioned quite a bit during the interaction last night, so I'll just add a brief note:

1. Lao Zhang's overall condition was great, and during the break, he even performed a split for the audience.

Chatting on the weekend, discussing the various topics from this week's night report.

Last night, many people asked why I said the comprehensive quality of life for civil servants in Zhejiang is the ceiling. Firstly, it is definitely because of good income and benefits. There are disparities among different counties in Zhejiang, but it's not a problem for newly graduated clerks to earn an average of 150,000 to 200,000. Those with work experience and job levels can easily earn over 250,000, and public security and law enforcement have additional allowances of 30,000 to 50,000. Local governments with good finances also have bonuses; a friend from Ningbo at the department level once told me that he takes home nearly 400,000 a year.

Many people say that Zhejiang has many bosses and rich people. While there are indeed a considerable number, the majority of ordinary citizens are still workers and office employees, with their incomes generally in the range of 60,000 to 120,000, which is significantly lower than that of civil servants.

Today, the two markets traded 1.49 trillion yuan, continuing to hover below 1.5 trillion yuan. 1.5 trillion yuan would be a high volume level in the first half of the year, but it is a low volume level after the 9.24 market. If the market cannot even reach 1.5 trillion yuan, it will be difficult to develop a decent market.

Today's market median was -0.1%, and individual stocks as a whole performed better than the index, because today's market style has returned to its old state, with small and micro-cap stocks continuing to be active and large-cap stocks quietly falling.

When the market style rebounded yesterday and the day before yesterday, I only said that a single-day fluctuation could not explain the problem. If I were to analyze and prove it seriously, I would now be desperately trying to make up for it and make the logic right.

Let me make a small addition first. Last night I casually said that the United States is the largest consumer country in the world, and many readers questioned the correctness of my statement. Later, I searched for some data. The size of the U.S. consumer market last year was 18.6 trillion U.S. dollars, ranking first in the world, accounting for nearly 30%. China’s was 6.9 trillion, ranking second in the world, a difference of nearly 1.7 times.
In recent decades, the largest consumer country has always been the United States. China's growth rate is relatively fast, but there is still a large gap in absolute terms. I guess the reason why many readers have misunderstandings is that the media likes to emphasize that China is the world's largest market when reporting on a certain niche field. For example, mobile phones, the world's largest market is definitely China, because the price difference of mobile phones is not large, and the population is large. For example, China is also the largest consumer country for automobiles.

This morning, I went for surgery, which involved removing two lipomas from my forearm that I mentioned earlier. When I lay down on the operating table, I was extremely nervous; when the doctor injected the anesthetic, my whole body was shaking. The anesthetic hurt, but soon my arm lost sensation. I vaguely felt the doctor was sharpening a knife on a wooden board while cutting. I have a strong curiosity but was more afraid to see my skin being cut open, so I dared not look throughout the process.

After a while, the doctor finished stitching and wrapped me layer by layer. The nurse pointed to a bowl of minced flesh and told me this is what was removed. I took a silent glance and, inexplicably... felt a bit secretly pleased? Many people online like to take photos to commemorate, but I forgot to bring my phone when changing clothes.

Looking at today's market from several major dimensions, the two markets traded 1.49 trillion yuan, and the volume is still shrinking. Last night I mentioned a data that the daily average of A-shares since the start of the market at the end of September is 1.98 trillion yuan. Comparing it with this number, you can see what the level of activity is today.

The median of the two markets is +1.25%. Most stocks are recovering. Some people may be surprised because several large market indexes fell today, but small and micro stocks performed very actively. I will post a few representative indexes to reflect the market style of the day.

The capital market was very calm this weekend and nothing major happened, but it’s not good to have a blank night report. I’ll go through a few of them so you can get an impression.

1. At the regular policy briefing held by the State Council Information Office on Friday, the 22nd, a reporter asked how China viewed the possibility that the United States would impose a 60% tariff on China. The spokesperson replied that China's economy has strong resilience, great potential, and sufficient vitality to withstand and resolve external shocks. The US move will cause American consumers to pay higher prices and lead to rising inflation.

This incident has a potential impact on the stock market, because there was a group of people in the capital market who believed that Trump would raise tariff barriers after taking office. As a hedge, the Chinese government is likely to introduce policies to stimulate domestic consumption. Judging from the response from the State Council Information Office on Friday, China is not worried about the US tariff increase and is relatively confident, which makes some analysts realize that the expected stimulus policy may not be realized.

The sudden enthusiasm caused the Shanghai Composite Index to surge by hundreds of points in one day, and it reached 3,000 points in the last minute before the market closed. Who would have dared to think of such a crazy and bloody scenario before the market opened? Last Thursday, we were still worried that the low point of the year might be broken, but in just three trading days, we actually returned to 3,000. Those who trade A-shares are all crazy, even if they are not now, they will be sooner or later.

Today, the two markets traded more than 1.16 trillion yuan, and the market median was +2.94%. After the closing, the Shanghai Composite Index had closed up 0.87% in 2024, and the CSI 300 also closed up 3.33%. The situation has been changing unknowingly.

This weekend was relatively quiet, so there isn't a lot worth talking about.

1. The fact that the LPR did not fall in September was on Friday, which was not a big surprise. The People's Bank of China is not a subsidiary of the Federal Reserve, so there is no need for interest rates to follow. And usually when the interest rate is lowered, there will be some advance preparations, such as lowering the deposit rate first.

This weekend, there was news about a deposit rate cut. Some city banks cut their deposit rates, but this was not the start of a new round of rate cuts, but the end of the rate cut on July 25. Here is a brief explanation of the different paces of rate cuts for large and small banks. Usually, large banks cut first, followed by small banks.

Pick a few things to talk about.

First of all, the LPR announced early in the morning has not changed, and both the 1-year and 5-year terms remain the same.

The official explanation was that the current interest rate spread of banks is relatively small (about 1.5%), which is lower than the normal standard for bank profits. It will take some time to digest, but it did not say how long it will take. Bloomberg reported three consecutive reports of the decline in existing mortgage rates this month, each with more details than the last. This is definitely not made up. I believe it is true and I believe it will be implemented when the time is right.

But as I said last night, I think the communication mechanism between decision-makers and the market should be improved. Many of our financial media are now gradually losing the ability to link to the truth except for serving as loudspeakers. Many times some important information has to be exported and then disseminated domestically. This is not only unfair, but also not conducive to market stability.

As you can see, the Fed ultimately chose to cut interest rates by 50 basis points.

The Federal Reserve then released the latest interest rate dot chart, as follows:

Let me give a brief update for new readers. The vertical axis of this graph is the interest rate, with the numbers on the far right, and the horizontal axis is time, in years.

Every year, there are 19 points, which represent the votes of 19 members of the Federal Reserve, including the members of the Federal Reserve Board and the presidents of the Federal Reserve Banks. The votes are secret, and you can see that in 2024, one person voted for the lowest 4-4.25%, but the public does not know who voted for this.